Sell MGM Stock, Because the Recovery for Las Vegas Will Be Slower, Analyst Says

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MGM’s Bellagio Hotel and Casino in Las Vegas.


Roger Kisby/Bloomberg


MGM Resorts

shares were lower on Monday following a downgrade from Goldman Sachs, which warns that bulls are making a bad bet when it comes to the casino operator.

Analyst Stephen Grambling cut his rating on MGM (ticker MGM) to Sell from Hold, although he raised his price target by $3, to $20, to account for his updated estimates across the gaming sector. He is concerned about a slower recovery for Las Vegas, “which will drive downside to consensus estimates and fundamental underperformance relative to peers” and likely weigh on the stock’s multiple.

MGM stock is down nearly 32% year to date, but the shares have rallied some 44% since the beginning of last month, ahead of peers and the

S&P 500.

Grambling calls the rally unwarranted, give that MGM has lower exposure to regional gambling hubs—which have

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Dai Ichi Life Insurance Company Ltd Has $6.31 Million Stock Holdings in Republic Services, Inc. (NYSE:RSG)

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Dai Ichi Life Insurance Company Ltd grew its holdings in shares of Republic Services, Inc. (NYSE:RSG) by 5.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,889 shares of the business services provider’s stock after buying an additional 3,966 shares during the quarter. Dai Ichi Life Insurance Company Ltd’s holdings in Republic Services were worth $6,309,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Trexquant Investment LP purchased a new position in shares of Republic Services in the second quarter worth approximately $946,000. MONECO Advisors LLC purchased a new stake in Republic Services during the second quarter valued at approximately $640,000. Sawtooth Solutions LLC lifted its position in Republic Services by 28.1% in the second quarter. Sawtooth Solutions LLC

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Selective Insurance Group (NASDAQ:SIGI) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research lowered shares of Selective Insurance Group (NASDAQ:SIGI) from a buy rating to a hold rating in a report released on Wednesday, Zacks.com reports. The firm currently has $64.00 price objective on the insurance provider’s stock.

According to Zacks, “Selective Insurance is poised to witness top-line growth backed by sustained premium growth across its segments. Premiums have benefited from the company’s compelling portfolio, high retention ratio, pure renewal price increase and new business growth. Net investment income should benefit from active portfolio management. The company estimates investment income of $170 million and $5 million from alternative investments in 2020. Geographic expansion plays a vital role in company’s growth. Shares of Selective Insurance have underperformed the industry in the past year. Nevertheless, it boasts solid capital position on which it deploys capital effectively. However, it is exposed to cat loss, inducing earnings volatility. High costs exert pressure on operating

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Why the Stock Market Gets a Little Scarier Every Day

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Photograph by Spencer Platt/Getty Images

The stock market gets a little scarier every day—and it’s not even falling.

On the surface, there doesn’t seem to be much to worry about. The

Nasdaq Composite

advanced 1% to 12056.44, while the

S&P 500

rose 1.5% to 3580.83, and the

Dow Jones Industrial Average,

for once, led the market higher by climbing 453.39 points, or 1.6%, to 29,988.05. The Nasdaq and S&P both closed at record highs, while the Dow finished just 1.5% away from its own.

“We are witnessing a major melt-up,” says NatAlliance Securities’ Andrew Brenner.

And melt up it did.

The Dow was up 0.8% at 11:30 a.m. Wednesday and trading was quiet. It started moving higher from there, slowly at first until accelerating, and was up more than 500 points before a small pullback. There was no real explanation for the stock market’s move. Investors shrugged off

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S&P 500 Rallies to Close Out Best Day in Almost Two Months: Live Stock Market Updates

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Here’s what you need to know:

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This Is Where The Money Fueling The Stock Market Is Coming From

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With all the day-to-day noise that we are presented with in the market, it is important to remind ourselves of what consistently drives the market; fear and money-flows. In this piece we focus on the latter.

It is important to understand that both the economy and the stock market are open systems where money can flow in and out. In other words, they are open systems.

A poker game around the fold-out table in your recreation room is not an open system; it is both a closed system and a zero-sum game. This means that the aggregate amount of money in the game is fixed, and that the money will flow around the table as the players who lose, transfer the money to those who win. Normally, no outside money comes onto the table, and the amount won equals the amount lost (a zero-sum game).

The economy and the market

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There’s an Excellent Reason Buffett Keeps Buying Bank of America Stock

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a sign on a window: The logo of Bank of America in modern office building in Beverly Hills.


© Source: Tero Vesalainen / Shutterstock.com
The logo of Bank of America in modern office building in Beverly Hills.

Renowned investor and in Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B) CEO Warren Buffett is known for really liking a handful of mega-cap names. Bank of America (NYSE:BAC) is among them, and Buffett’s been known to own sizable quantities of BAC stock.



a sign on the side of a building: The logo of Bank of America in modern office building in Beverly Hills.


© Provided by InvestorPlace
The logo of Bank of America in modern office building in Beverly Hills.

Perhaps it could be argued that Buffett likes bank stocks in general and doesn’t have any particular preference for BAC stock. After all, Berkshire has been known to take positions in big-bank names like Wells Fargo (NYSE:WFC), JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS).

A recent U.S. Securities and Exchange Commission Form 13-F filing, however, shed some new light on what Buffett might

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Tesla announces plans to sell up to $5B in new stock shares

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A day after its 5-for-1 stock split took effect, Tesla is announcing plans to sell up to $5 billion worth of common shares

DETROIT — A day after its 5-for-1 stock split took effect, Tesla is announcing plans to sell up to $5 billion worth of common shares.

The electric car and solar panel maker says in a filing with securities regulators that it intends to sell up to 10.03 million shares and use the proceeds for unspecified general corporate purposes.

The sales would be made “from time to time” and Tesla says the actual amount of the offering can’t be determined at present.

The stock would be sold through 10 different brokerage houses, and each would get a 0.5% commission.

Tesla shares fell 2.4% in

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Kodak stock soars as hedge fund takes stake

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Eastman Kodak Co. shares surged 40% early Tuesday after the company said hedge fund D.E. Shaw has amassed a 5.2% stake.

D.E. Shaw, owned by legendary investor David Shaw, has built up a stake of 3.94 million shares, according to a Kodak filing with the U.S. Securities and Exchange Commission.

Ticker Security Last Change Change %
KODK EASTMAN KODAK CO. 7.44 +1.46 +24.41%

The disclosure of the hedge fund’s investment comes nearly a month after the SEC said it was investigating the circumstances around a $765 million loan that was granted to the company to help it pivot into the pharmaceuticals business. Investigators are looking into how the loan was disclosed and the granting of stock options for some executives.

Kodak shares gained as much as 2,189% on July 29

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Citizens Financial Group Inc RI Has $553,000 Stock Holdings in Estee Lauder Companies Inc (NYSE:EL)

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Citizens Financial Group Inc RI reduced its position in shares of Estee Lauder Companies Inc (NYSE:EL) by 7.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,929 shares of the company’s stock after selling 248 shares during the period. Citizens Financial Group Inc RI’s holdings in Estee Lauder Companies were worth $553,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in EL. Capital Research Global Investors raised its position in shares of Estee Lauder Companies by 280.5% in the 1st quarter. Capital Research Global Investors now owns 3,505,756 shares of the company’s stock valued at $558,607,000 after buying an additional 2,584,451 shares in the last quarter. Copper Rock Capital Partners LLC grew its stake in shares of Estee Lauder

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